WhiteWave’s IPO raises $391 million

BROOMFIELD — WhiteWave Foods Co. raised $391 million in its initial public offering Oct. 26 as the organic dairy company completed its transition from a unit of Dean Foods Co. to an independent company.

WhiteWave’s offering went better than expected. The company priced its Class A common stock at $17 per share, but it opened at $19. It peaked at $19.17 before falling.

WhiteWave was expected to price the stock between $14 and $16 per share. The company sold 23 million shares Oct. 26, well above the 20 million shares it initially expected to sell.

After the offering, Dean Foods Co. continues to own 86.7 percent of the company’s stock and retains 98.5 percent of voting power. Dean Foods chief executive Gregg Engels is leaving the company to become WhiteWave’s CEO, although he remains chairman of Dean Foods.

“This is an exciting day for everyone at WhiteWave, and I want to thank our employees for their hard work and dedication, which has helped us to reach this milestone, and for their continued commitment to changing the way the world eats for the better,” Engles said in a statement.

“We are more committed than ever to providing consumers with nutritious, flavorful, convenient and responsibly produced food and beverage choices,” he said.

J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC and BofA Merrill Lynch are acting as joint book-running managers for the offering, according to a press release from WhiteWave.

Steve Demos founded WhiteWave in Boulder in 1977. Dean Foods acquired the company in 2002.